Morgan Stanley lifts forecast on oil prices

LONDON (MarketWatch) -- Morgan Stanley upped its long-term WTI oil price forecast to $65 a barrel from $55 a barrel, with it also raising etsimates for 2007 and 2008 to $65 a barrel from $60. "We believe that while the rate of change in pricing (around 20% in the last five years) is likely to slow, realizations should remain at high levels," it said. Energy companies look undervalued both in absolute terms and relative to wider equity markets, the broker added, lifting targets on a number of firms.

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